H. Lundbeck AS Ordinary Shares - Class B

HLUN B: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 46.10	Wwd	Hvjqcpt

Lundbeck Earnings: Strong Uptake of Strategic Brands Drives Sales, Helps Offset Generic Erosion

Rachel Elfman

Aug 21, 2024

Lundbeck reported solid half-yearly results, highlighted by total revenue of DKK 10.74 billion, representing 10% growth from the prior-year period. Robust performance from Lundbeck’s strategic brands (Vyepti, Rexulti, Abilify Maintena, and Trintellix) accounted for 73% of total revenue and grew 19% compared with the first half of 2024. Investors reacted favorably, sending the stock up 4%. Lundbeck is tracking our expectations, and we maintain our fair value estimate of DKK 42.50 per share. We view the stock as fairly valued, currently trading in 3-star territory.

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